Coronavirus Impacts on Tax and Accounting

Governments across the globe are proposing extensions, exemptions, incentives and other ways to ease the impact of the crisis.
Here’s what you need to know to advise your clients or business.

How Coronavirus Impacts Your Organization or Clients

Federal extensions, deferrals, and other incentives in play

The federal government is taking action on multiple fronts in response to the unprecedented impact of the coronavirus outbreak on individuals and businesses. The IRS has extended deadlines for filing and paying income taxes, and small and mid-size businesses can take advantage of new payroll tax credits. Taxpayers can expect additional tax and financial relief from the government in the form of direct cash payments, loans, debt forgiveness, loan guarantees, and/or other measures designed to alleviate the financial and economic fallout from the ongoing outbreak and to help re-start the nation’s economy as the outbreak subsides.

Decisions and guidance from the federal government are changing quickly. Read how to advise clients on how to handle the new deadlines, what to do if they can’t pay, and how companies can get a quick refund if needed.

State decisions still to come

States are deciding whether to push back filing and payment deadlines for corporate and individual income tax. We expect that businesses may be impacted with respect to nexus and apportionment as a result of their unexpected activities within different states – either through teleworking or otherwise. We expect businesses to be focused on the state rules for NOLs and depreciation. We have not yet seen any states provide additional relief via exemptions or tax credits, but it may be a matter of timing as legislatures and state governments are also moving toward remote working and limited operations.

Countries vary in responses

Countries are exploring various options to help individuals and businesses cope with the economic effects of the coronavirus. Many are implementing tax filing and payment extensions or deferrals. Some countries are enacting special exemptions and considering a variety of tax incentives to aid individuals and businesses in the short and long term. Governments are also considering what other policies may need to be considered to help countries recover and stimulate economic activity.

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